Commercial Vehicle Market size was valued at USD 1.1 trillion in 2024 and is set to exceed USD 3.09 trillion by the end of 2037, registering over 7.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of commercial vehicle is evaluated at USD 1.17 trillion.
The growth of this market can be ascribed to the growing penetration of commercial vehicles worldwide. It was found that commercial vehicle production globally increased to 23 million units in 2021. Furthermore, the expansion of the global market can also be majorly ascribed to the increasing individual disposable income, which in turn influences the purchase of vehicles for commercial purposes, and the growing demand and sales of vehicles all over the world.
The market growth for commercial vehicles is also influenced by rising industrialization, e-mobility acceptance in commercial sectors, and infrastructure development that supports these developments in the automotive industry.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
7.8% |
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Base Year Market Size (2024) |
USD 1.1 trillion |
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Forecast Year Market Size (2037) |
USD 3.09 trillion |
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Regional Scope |
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Fuel Type (Internal Combustion Engine (ICE), Electric Vehicles)
The electric vehicle segment is estimated to hold 60% share of the global commercial vehicle market during the projected time frame. The growth of the segment can be attributed to the rising pollution, along with the surge in the demand for electric vehicles worldwide. In addition, the rising support from the governments to produce zero-emission vehicles is also projected to fuel the segment growth. For instance, as per a study, nearly 60% of companies fear losing customers within the next 3 years if they are unable to meet the consumer's demand for deliveries with little or zero CO2 emissions. Medium and heavy trucks were responsible for 22% of the global CO2 emissions.
Vehicle Type (Light Commercial, Heavy Commercial, Buses)
The light commercial vehicle market is predicted to witness the largest revenue by the end of 2037. The segmental growth can be attributed to the fact that light commercial vehicles are easy to maintain, that is, the maintenance cost for these vehicles is lower in comparison to the other vehicle types. Moreover, the demand and the production of light vehicles are also significantly increasing all over the world. In addition, the LCVs, or light commercial vehicles, weigh between 3.5 and 7 tons. Vehicles such as mini trucks, pickup trucks, and minivans within the above-mentioned weight range fall under the LCV category. These trucks can be used to carefully package and deliver a variety of items, including fruits, vegetables, white goods, market loads, beverages, and much more. These cars are fuel-efficient and have a good payload or capability for hauling loads
Our in-depth analysis of the global market includes the following segments:
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Fuel Type |
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Vehicle Type |
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North America Market Forecasts
The commercial vehicle market in the North America is set to account for the largest share of 34% during the time period between 2023 – 2037. The growth of the market can be attributed majorly to the presence of a strong transportation network in the region, along with the rising demand for commercial vehicles. For instance, in 2019, there were more than 150,000 thousand units of commercial vehicles in use in the United States. Further, the presence of a large industrial sector in the region which requires heavy transportation works, along with the availability of supportive policies by the regulatory bodies that promote the market players to opt for the expansion of their corresponding businesses so as to develop fuel-efficient transportation options, are also estimated to contribute to the market growth in the region.
APAC Market Statistics
The commercial vehicle industry in the Asia Pacific region is expected to grow substantially during the anticipated timeframe. Some of the aspects that will likely contribute to the expansion of the regional market include the improving road network and the simple accessibility of affordable labor and material costs. In addition, the subsequent rise in the number of production facilities, particularly in developing nations like China and India is further set to boost the market’s growth in the region.
Author Credits: Saima Khursheed
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